Australian Market Report of September 22, 2010: Zamia Metals Limited (ASX:ZGM) Increases Molybdenum Resource Estimate to 130 Million Tonnes
Sydney, Sep 22, 2010 AEST (ABN Newswire) - Zamia Metals Limited (ASX:ZGM) has significantly increased its resource estimate from 81 Million tonnes (Mt) to 130 Mt at the Anthony Molybdenum Project in the Clermont district of central Queensland. Based on drilling to date, Anthony contains high grade sulphide zones of 15 million tonnes at over 700 ppm Mo within a large molybdenum deposit. Zamia's review of the updated geology and assay data indicates that the Mo resource remains open at depth and to the southeast. Deep diamond drilling is now underway on two sections testing the high-grade western zone. Further deep drilling is planned if these initial holes are successful.
Prosperity Resources Limited (ASX:PSP) (PINK:PPRLF) have identified six new anomalous gold copper targets and confirms excellent potential of Nilam, Pala, Jelatang and Kuini Prospects at the company's Aceh Project. The survey results also revealed a number of new sites within distinctive structural settings and with magnetic characteristics that are similar to known targets which will require follow up. This follow up, including some new drilling at defined targets, will be scheduled to start in the coming weeks. Evaluation of the helimag survey results is continuing, further anomalies have been defined which will be assessed and advised to the market as soon as possible.
Robust Resources Limited (ASX:ROL) reported significant progress on the delineation of the Batu Mas and Batu Hitam discoveries on Romang Island, Indonesia. Initial results from a major survey over the flagship Lakuwahi target, as well as new drilling results, significantly extends the discovery target zones and therefore the gold and base metal resource potential. Hole LWD085 was mineralised for its entire 188m length, averaging over 1% combined zinc (Zn) + lead (Pb) + copper (Cu). Approximately 80% of the originally planned field survey has now been completed and interim modelling results are available.
Ferrowest Limited (ASX:FWL) has provided an update on its Investment and Off-take Discussions for cooperation in both the Yalgoo Iron Project and Western Haematite Project from suitable iron and steel industry companies. Ferrowest today reported that fresh interest has been received in respect of both projects and new discussions are underway with a view to reaching agreement on cooperation on these important investment opportunities. Ferrowest also announced a further 20 million tonne increase in Inferred Resources at its Yogi Tenement, bringing the total Inferred Resource to 572.5 Million tonnes at 27.5 per cent iron.
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